Idaho’s May unemployment rate remains at 2.6%
BOISE, Idaho (KIFI) - Idaho’s seasonally adjusted unemployment rate was 2.6% in May, remaining unchanged for the fourth consecutive month.
May’s labor force – workers who are employed or unemployed but looking for work – increased by 1,719 people (0.2%) to 962,466.
Idaho’s labor force participation was unchanged between April and May, remaining at 62.5%.
Total employment increased by 1,215 (0.1%) to 937,462 as unemployment increased by 504 (2.1%) to 25,004.
Idaho’s nonfarm jobs increased by 1,000 (0.1%) to 847,200 in May. Industry sectors with the greatest over-the-month gains include arts, entertainment and recreation (4.4%); health care and social services (1.5%); wholesale trade (1.4%); other services (0.7%); and transportation, warehousing and utilities (0.6%).
Industries with the greatest job declines in May were natural resources (-4.4%), financial activities (-1.2%), information (-1.0%), private educational services (-0.6%) and durable goods manufacturing (-0.5%).
Four of Idaho’s six Metropolitan Statistical Areas (MSAs) saw over-the-month nonfarm job increases in May. Twin Falls saw the largest increase at 0.6%, followed by Coeur d’Alene (0.3%), Idaho Falls (0.2%) and Boise (0.1%). Lewiston and Pocatello experienced decreases of 0.7% and 0.2%, respectively.
Year over Year
Idaho’s 2.6% unemployment rate for May was one-tenth of a percentage point higher than the 2.5% in May 2022. The labor force was up 1.2%, an increase of 11,844 people.
The number of unemployed Idahoans increased 3.7% (889) over 12 months, while the number of employed rose 1.2% (10,955).
Idaho’s total nonfarm jobs increased by 3.1% (25,400). Most major industry sectors showed over-the-year job gains except for transportation, warehousing and utilities (-1.8%); manufacturing (-1.2%); retail trade (-1.2%); and financial activities (-1.0%).
All of Idaho’s MSAs except for Lewiston saw year-over-year nonfarm job gains. Coeur d’Alene saw the greatest increase at 3.9%, followed by Pocatello (3.6%), Boise (3.4%), Idaho Falls (2.2%) and Twin Falls (2.0%). Lewiston saw a decrease of 0.7% compared with May 2022.
National Comparisons
Nationally, unemployment increased from 3.4% in April to 3.7% in May. The number of unemployed increased by 440,000 to 6.1 million. Total nonfarm payroll employment rose by 339,000 (0.2%) to 156.1 million.
